Stratasys Releases Financial Results for First Quarter 2017; Sees Increase in 3D Printing Consumable Revenue
As May moves past the halfway point, financial results from the first quarter are beginning to roll out from several 3D printing companies. Among the latest to release their financial information is Stratasys, which is just coming off a big week of announcements at RAPID + TCT. The 3D printer manufacturer saw a slight loss this time around, with total revenue of $163.2 million, compared to $167.9 million for the same period last year. It’s not a huge loss, and Stratasys isn’t overly concerned; there were still plenty of bright spots, like a 7% increase in consumable revenue.
“We remain encouraged by our performance within our key vertical markets during the first quarter, driven by our initiatives to drive customer engagement. In addition, we believe that strong utilization of our installed base of systems was demonstrated by steady growth in consumables and customer support revenue during the period, while improved focus resulted in reductions in our operating expenses,” said Stratasys CEO Ilan Levin.
Net GAAP loss was $13.9 million, which is far less than the net loss of $23.9 million the company saw in the first quarter of 2016. Non-GAAP net income also went up quite a bit, from $0.6 million to $2.4 million. So the news isn’t all bad, and in fact, the slight decrease in revenue from the first quarter of 2016 to the first quarter of 2017 is barely bad news at all. There have been plenty of highlights for Stratasys so far this year, too.
April alone was full of case studies as Stratasys collaborated with various partners, including Queen Elizabeth Hospital, where the company’s PolyJet 3D printing technology was used to make maxillofacial surgical guides and anatomical models; Siemens, which used a Fortus 900mc to 3D print custom production parts for trams; and McLaren Racing, which is using Stratasys 3D printers to produce parts for race cars. Cases such as these are signs of Stratasys’ gradual shift from prototyping to production-grade machines and materials, which could very well point in the direction of gains rather than losses in coming quarters.
Additional highlights from the year so far included the launching of the Expert Services Group, a strategic agreement with SIA Engineering Company (SIAEC) to establish an Additive Manufacturing Service Center in Singapore, and a strategic investment in LPW Technology. The LPW investment, as well as the early investment in and recently expanded partnership with Desktop Metal and activity through Stratasys Direct Manufacturing, also highlight Stratasys’ ongoing efforts in the growing metal additive manufacturing arena.
“We are pleased with the progress we are making in developing applications that are driven by the specific needs of our customers,” said Levin. “We believe that this deeper customer engagement will help us to provide significant value and grow the adoption our products and services. Our recent announcements with Siemens Mobility and SIA Engineering, as well as the early success of our collaboration with McLaren Racing, illustrate the potential value that can be created by our extensive knowledge and capabilities.”
Guidance for projected revenue and loss for the rest of the fiscal year includes:
- Revenue guidance of $645 to $680 million.
- GAAP net loss guidance of $53 to $39 million
- Non-GAAP net income guidance of $10 to $20 million
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